The results of a survey of new product development practices and procedures in American financial institutions are described. It is revealed that most institutions do not have a formal, fully developed process for developing and managing new products. For those that do, new products committees...

Comments that few service firms are sufficiently prepared to meet the challenge of service innovation. Reviews existing models of new service development. Proposes a systematic model based not on the small amount of new service development literature but on theories of new product management,...